Some online businesses sell virtual products using automatic pricing. For example, an online content provider can determine prices of advertisement slots for selling to advertisers. Using historical page view data, the online content provider can estimate demand on a particular advertisement slot. The online content provider can then determine a price of the advertisement slot based on the demand. Alternatively, the online content provider can allow advertisers to bid for the advertisement slot in an auction.
A physical store selling goods or services can face marketing challenges that are different from those of online content providers selling advertisement slots. For example, the physical store may not have sufficient amount of historical data for performing demand analysis. In addition, in determining a price of an item, the physical store usually takes into account a cost (e.g., a wholesale price) paid for the item. Relatively few physical stores sell goods or services through auctions.
Like reference symbols in the various drawings indicate like elements.